ConMed shares take a beating on "disappointing" sales rise
This article was originally published in Clinica
ConMed, a US arthroscopy and electrosurgical company that last year enjoyed its most profitable year ever, issued a profit warning on its second quarter earnings last week. The company, with nearly $373 million in sales in 1999 said that its second quarter would only grow by 7%, compared with last year. Wall Street punished the company severely, by removing 36% of its share value last Wednesday; it lost more than $9.25 to finish the day at just over $16.25.